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Look Out Circulars: PSU lenders do not have the power to issue Look Out Circulars: Bombay HC

The Bombay High Court declared public sector lenders ineligible to issue Look Out Circulars (LOCs) under Central government office memoranda. While deeming this practice as arbitrary , the court upheld the constitutionality of the Central government s office memoranda. The ruling nullified all LOCs issued by public sector banks. ....

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NARCL: NARCL raises ₹670 cr in fresh equity from existing shareholders

The government-promoted National Asset Reconstruction Company (NARCL) has raised ₹670 crore equity from existing shareholders and is in the process of raising ₹3,200 crore debt to support its plan to acquire ₹1 lakh crore of stressed assets. However, the bond issuance has faced challenges due to pricing differences between existing shareholders and the NARCL board. The ARC aims to raise funds through a five-year bond and fund-based limits but is negotiating the coupon rate with shareholders. ....

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NCLT admits insolvency resolution plea against listed infra firm Sadbhav Engineering

“The applicant (SS Infra) has proved before us that the outstanding operational debt is more than rupees one crore, which is due to the applicant by the respondent and that the respondent (Sadbhav Engineering) has defaulted in payment,” said the division bench of judicial member Shammi Khan and technical member Sameer Kakar, in its order of April 22. ....

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